Farmington Hills, Mich. — The New Chrysler Financial, created as a result of the transfer of assets from DaimlerChrysler AG to an affiliate of Cerberus Capital Management, L.P., begins operations as a stand-alone company supporting the sales operations and dealer network of "The New Chrysler," Chrysler LLC.

Paul Knauss, president and chief executive officer, stated Chrysler Financial will offer the same level of service and programs as in the past and that thanks to a comprehensive transition plan there will be no disruption to any programs or services formerly offered. He added that the company hopes to be able to draw on the expertise of its new parent to potentially offer additional programs and services in the future.

Headquartered in Farmington Hills, Mich., and with offices throughout North and South America, the company's 4,200 employees will continue to manage a global portfolio of $75 billion covering dealer and consumer financing.

Approximately 800 employees will remain in the company's headquarters at 27777 Inkster Road. Chrysler Financial will continue to operate its eight business centers in major markets across the United States as well as four customer service locations, in addition to its operations in Canada, Mexico, Puerto Rico and Venezuela.

The New Chrysler Financial Management Team:

· Paul Knauss, president and chief executive officer

· William F. Jones, Jr., chief operating officer

· Gino Cozza, president and chief operating officer - Canada

· Jim Haan, vice president - Insurance Company

· Tracy Hackman, vice president and general counsel

· Mark Manzo, vice president - Sales and Marketing

· Machelle McAdory, vice president - Human Resources and Administrative Services

· Karla Middlebrooks, vice president - Finance and Controlling

· Pat Milantoni, vice president- Customer Service and Collections

· Johannes Riesterer, president - Mexico

· Frank Werner, vice president - International